Boost Your Credit Score with Tradelines
It is not all too uncommon for people to get a bad credit score. This does not mean, though, that there is no way to repair a bad credit score. Unlike what most people think, you have some options in boosting your credit score. Tradelines for credit repair are one example. To discover more about boosting your credit score with tradelines, read on.
What are these so-called tradelines and how do they work? Before knowing more about tradelines, you have to know that there are actually a lot of companies that offer these services such as Superior Tradelines. These companies make use of a credit piggybacking method that helps you boost your credit score faster. For a lot of banks these days, the FICO scoring model is what they use. In a nutshell, FICO analyzes your credit history based on your file stored by your credit reporting agencies with the use of a mathematical equation. Starting from the scores of 300 to 850, your credit history is defined in three-digits.
Most of the time, banks will give you better interest rates and approve your loans if your score falls closer to 850. Your credit card balance and limit matters in getting 30% of your scored based on FICO. A higher credit score is often the result of a bigger difference between your combined limits and combined credit card balances. Once season trade lines will be used on your credit report, your credit score will be calculated once again. Your credit score will immediately be boosted just like that. With credit piggybacking, actually, your score can go up just like that with having an available credit of $100,000 and 40 years of having a perfect payment history.
If you seek the help of Superior Tradelines, your name will be included as an authorized user with perfect payment history and having a low balance and high limit credit cards. Even if you can use this account as an authorized user, you are not given the power to change it. The main purpose of having this AU position was to add other people to the accounts of the cardholder so they can enjoy their credit line. On the part of the authorized user, they have the added benefit of obtaining the account history of the credit card as reflected into their credit report. You can look at this in a way where the history of the credit card has been there ever since the first opening of the account. If you have a bad credit rating, this can greatly help boost your credit score easily. Despite the fact that you do not get the ability to take advantage of the credit line, you benefit in a way that the credit card will appear in your own credit report. It takes less than 60 days to get your credit score right. Click here for more information about tradelines.